Investor update september · Outlook 2015 & Efficiency Measures 13 2015 FY EBITDA1 €5-5.5Bn Excluding the contribution of Talisman assets, the EBITDA will be similar to that of

Investor Update September 2015

Tarragona Refinery Jetty

Disclaimer

ALL RIGHTS ARE RESERVED © REPSOL, S.A. 2015

Repsol, S.A. is the exclusive owner of this document. No part of this document may be reproduced (including photocopying), stored,

duplicated, copied, distributed or introduced into a retrieval system of any nature or transmitted in any form or by any means without the

prior written permission of Repsol, S.A.

This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Spanish

Securities Market Law (Law 24/1988, of July 28, as amended and restated) and its implementing regulations. In addition, this document

does not constitute an offer of purchase, sale or exchange, nor a request for an offer of purchase, sale or exchange of securities in any

other jurisdiction.

Some of the resources mentioned in this document do not constitute proved reserves and will be recognized as such when they comply

with the formal conditions required by the U.S. Securities and Exchange Commission.

This document contains statements that Repsol believes constitute forward-looking statements which may include statements regarding the

intent, belief, or current expectations of Repsol and its management, including statements with respect to trends affecting Repsol’s financial

condition, financial ratios, results of operations, business, strategy, geographic concentration, production volume and reserves, capital

expenditures, costs savings, investments and dividend payout policies. These forward-looking statements may also include assumptions

regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange

rates and are generally identified by the words “expects”, “anticipates”, “forecasts”, “believes”, estimates”, “notices” and similar expressions.

These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material

risks, uncertainties, changes and other factors which may be beyond Repsol’s control or may be difficult to predict. Within those risks are

those factors and circumstances described in the filings made by Repsol and its affiliates with the Comisión Nacional del Mercado de

Valores in Spain, the Comisión Nacional de Valores in Argentina, the Securities and Exchange Commission in the United States and with

any other supervisory authority of those markets where the securities issued by Repsol and/or its affiliates are listed.

Repsol does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear

that the projected performance, conditions or events expressed or implied therein will not be realized.

The information contained in the document has not been verified or revised by the Auditors of Repsol.

2

©

1. Company Overview

2. Integration of Talisman Energy

3. Outlook 2015 & Efficiency Measures

4. Upstream

5. Downstream

6. Gas Natural Fenosa

7. Financial Position

8. Environmental, Social & Governance

9. Annex

3

Company Overview 1

Repsol today

Company Overview

~ 650 kboe/day production

~ 2.2 Billion boe proven reserves

Present in more than 40 countries

1 million boe/d refining capacity

30% of Gas Natural

Fenosa

4,700 service stations

~ 27,000 employees

Repsol´s presence

Upstream

Core Businesses

Downstream

Non Operated Shareholding

Gas Natural Fenosa Note: Additionally our Marketing and Chemical activity extends to Asia

5

Peru

Ecuador

Bolivia

Venezuela Colombia

Aruba

Guyana

Brazil

Gabon

Namibia

Angola

USA

Canada

Ireland

UK

Norway Russia

Portugal Spain

Morocco Algeria

Libya

Iraq

Australia

Indonesia

Malaysia

Papua New Guinea

Vietnam

Italy Romania

Bulgaria

Trinidad & Tobago

Netherlands

Total number of shares: 1,400.36 million

Repsol’s Shareholders

Company Overview

11.72 %(*)

8.89 %

6.03 %

58.48 %

Institutional Free Float

6

Caixabank S.A.

Sacyr Vallehermoso, S.A.

Temasek

Free Float

Retail Investor

14.64%

Institutional Free Float:

59.20%

11.51%

8.73%

5.92%

Growing from our strengths

(2012-2016)

Company Overview Strategic Plan 2012-2016

All 2012-2016 Key strategic targets achieved

Financial strength

High growth in Upstream

Competitive shareholder

compensation

Maximize Downstream profitability

Talisman Acquisition

Value Creation

Diversification

Growth

7

Company Overview

“A new Strategic Plan 2016-2020(*), focused on value creation”

Strategic Plan 2016-2020

A proposal for strong value creation

• Optimization & Efficiency

• Maximizing integration

• Reinforcing Upstream business

• Resilience to stress scenarios

• Disciplined Capex allocation

• Attractive value proposal Enhanced Capabilities

Profitability

Risk Management

Sustainability

(*) The Repsol Group will present a new strategic plan before the end of the year 2015 8

Integration of Talisman Energy 2

Growth

Diversification

Value creation

Acquisition of Talisman Energy

Transformational deal, upgrading Repsol's portfolio and competitive advantage achieving global scale and diversification, greater exposure to Upstream, leading new opportunities and capabilities to create value.

Greater exposure to Upstream, leading growth platforms. Increase in production, reserves, operated assets and OECD production

Upgrading Repsol's portfolio and competitive advantage by achieving global scale and diversification.

Enhanced capabilities to create value.

10

Growth, Diversification and Value Creation

Value creation through portfolio management and synergies

Integration of Talisman New Organizational structure

11

The purchase price allocation has been completed

Goodwill: 2.6 billion Dollars out of which 2.1 billion Dollars are the Deferred tax liabilities Firmly supported by the synergies identified

We have one year to adjust and refine the allocation

May 8th: Closing of the transaction

Upstream division (4 regional areas)

Europe, Africa & Brazil

North America

South America

Asia & Russia

Outlook 2015 & Efficiency Measures 3

Outlook 2015 & Efficiency Measures

13

2015 FY EBITDA1 €5-5.5Bn

Excluding the contribution of Talisman assets, the EBITDA will be similar to that of 2014, even in an oil price scenario 40 dollars lower and with no contribution from Libya

Energy efficiency saving programs Optimizing oil purchases Maintenance and reliability programs

On going efforts in this line

DOWNSTREAM UPSTREAM

Refining Margin increase of 1.2$/bbl compared with 2011

In a much larger company Repsol maintains Upstream Capex (2)

21% (2015) (3)

(1) Assumptions: Brent Price: 59$/bbl, Henry Hub: 3$ (2) Includes G&G and G&A (3) In USD

IN LINE WITH 2014

2015/16

Outlook 2015 & Efficiency Measures

14

IMPROVEMENT OF OPERATING

INCOME IN 2016 OF €500M

GO PROGRAM RECURRENT SYNERGIES

Existing contracts

Renegotiation of contracts

Go Program and synergies

(2015)

New contracts

(Expected)

Increased from $220M

Annual target

Go Program: program launched in order to optimize capex, identify improvement measures to increase our income through efficiency and innovation. These measures comprise, among others, the renegotiation of contracts.

GO PROGRAM + RECURRENT SYNERGIES

Upstream 4

Upstream A proposal for strong value creation

INVERSIONES

Exploration Capex:

• Repsol invested slightly below 4.5 Billion dollars in Upstream capex (including G&G and G&A) in 2014.

• Upstream capex of Repsol ex Talisman assets, will be reduced by 21% 2015 (1). VALUE

CREATION

Cost Efficiency in our Operations: Renegotiation process

Existing contracts: • 5% in Repsol suppliers • 7% in Talisman supplier New contracts: reduction between 10% - 20%.

New organization focus on business performance,

improving efficiency and agility

Portfolio Management

Cost and Operational Synergies

16 (1) Includes G&G and G&A. In USD

Upstream Repsol's extensive list of opportunities

North America

Eagle Ford Marcellus Duvernay Reggane MonArb

Africa & Europe

Mid-continent

Sapinhoa Lapa

Brazil

Margarita-Huacaya

Carabobo-AEP

Cardon IV Kinteroni +

Sagari Akacias Kinabalu

Corridor & Jambi Merang

HST/HSD & Red Emperor

Latin America South East Asia

SANECO/ TNO/SK

Contingent resources Repsol

EXPLORATION

Talisman

Talisman

Repsol

Prospective resources

17

WI: ~ 31% (1)

Liquid rich play 60%/40% liquids-

gas mix Production 2015: ~25 Kboed net

WI: 11% Production in April 2015: 16 Kboed gross

WI: 32.5% Production

start-up 2015 with 150 Mscfd. Ramping up to 800 Mscfd in

2018.

WI: 53.8% First Gas 2014. Plateau of 26 Kboed net in

2019

WI: 45% Extension of Chichimene

field >2.5 Bn bbls

OOIP

WI: 60% Access to low-cost discovered

oil & gas reserves,

infrastructure in place

WI: 36% / 25% Upside

potential. Jambi Merang:

liquids rich project

WI: 60% / 55% HST/HSD

foundation and FCF generator. Red Emperor

future development

Dry Gas with own egressing

infrastructure Tier 1 position ~72 Kboed net

WI: 100% Long Term potential

~300K net acres

Current production

~11 Kboed net

WI: 29.25%

First gas 2017 48 Kboed

WI: 30% Redevelopment Production 2017:

~8 Kboed net

WI: 15% 270 Kboed gross Plateau by end

2015

WI: 15% 80 Kboed gross

First Oil: end 2016

WI: 50% Ongoing production

since February 2014. Producing ~18

Kboed net

WI: 37.5% Phase III in progress.

Production in April 2015:

18 Mm3d gross

Note: WI: Repsol working Interest (1) Repsol stake in JV with Statoil is 50%. The W.I. in the play including third parties is ~31%.

Russia

Upstream Operational update

Exploration

2010 131 % 2011 162 % 2012 204 % 2013 275 % 2014 118 %

14 wells have been concluded in 2Q15, 6 of them were positive: 2 exploration wells (Algeria and USA) and 4 appraisal wells (Bolivia, Russia and USA).

As of today, 3 exploratory wells (Romania and Brazil) and 4 appraisal wells (Brazil, Bolivia and Algeria) are on-going.

In the second half of the year, the drilling schedule is composed of less risky exploration and will entail lower investment than in this first half.

Reserve Replacement Ratio

Russia

Bolivia

Algeria

Brazil

Romania

Alaska

18

19

Upstream Operational update

Key development projects

Sapinhoá

Cardón IV

Akacias Duvernay

The third well was connected to our 2nd FPSO in place in May 2015.

Gas injection commenced in June allowing gross production to increase to 90 kboed.

At the end of 2015, peak production is expected to be reached in the 2nd FPSO.

The field will reach a plateau of 270 kboed gross at the end of 2015.

Repsol started up the first producing well in Perla field (largest offshore gas field in Latin America).

First phase of the development will produce gross 150Mscf per day.

Next phase will come on stream by year end and will produce 450Mscf per day.

With this start-up, the eighth key growth projects of our 2016-2020 Strategic Plan has been delivered.

CPO-9 block reached gross production of 10 kboed (Repsol owns a 45% stake)

Working on the definition of the Field Development Plan for Akacias project.

Expected to go into a final investment decision for development before year end.

Appraisal drilling of the company’s lands in the South Duvernay continued.

Drilling operations at a two well pad in Ferrier are now finished.

Red Emperor

The outline development plan was approved by partners and PetroVietnam in January.

Commercial Declaration has been completed in early July.

FID is estimated before year end.

Kinabalu & PM3

The final investment decision has been taken by the end of June In Kinabalu.

Negotiations for a ten-year extension of the license of PM3 field are well advanced.

Lapa

Lapa and Reggane progress as planned to deliver production in 4Q16 (Lapa) and 1Q17 (Reggane)

In Lapa, development will commence in the North East area but the test performed in the well Lapa 9-SPS-102 encourages a faster development of Lapa South.

Upstream Repsol's growth

Increase in production, capital employed and OECD production

Production (Kboepd)

OECD production (%) 2Q15

20

Upstream Division Capital Employed in NA from 30% to 50%, Latam from 50% to 22%

Capital Employed : ~€23B

JUNE

660 kboed

•North America region 190 kboed

•Asia & Russia region 108 kboed

•Europe, Africa & Brazil region

93 kboed

•South America region 269 kboed

Capital Employed

2Q15

338 kboed

2Q14

+55%

525 kboed

Talisman Repsol Total Group

62%

12% 29%

Downstream 5

Maximize return on investment and cash generation

Marketing

Downstream Improve profitability on operational excellence and efficiency

• Reduce energy costs • Fuel consumption & losses

down by 6% at 2016 • Reduce CO2 emissions • Operational excellence program in

refineries

Refining Petrochemicals • Maximize value of integration with

refining • Competitive Plan:

• Higher-value applications • Efficiency program

• Continue cost reduction program

• Maximize value of marketing assets and competitive position

• Optimize retail asset portfolio • Increase non-oil margins • Increase international margin from

lubricants and specialties

LPG

• Adequate production and commercial capacity to market conditions in Spain

• Optimize portfolio

22

Competitive Downstream business, linked to quality assets and geographical situation

Downstream Increased competitiveness of Downstream business

Presence in a premium market for

refining

Completion of expansion and conversion projects

Integrated refining portfolio, working as a unique system

Efficient integration between the refining and marketing businesses

Repsol margins

(*) Integrated R&M margin calculated as CCS/LIFO-Adjusted operating profit of the R&M Segment divided by the total volume of crude processed (excludes petrochemical business) of a 14-peer-group. Based on annual reports and Repsol’s estimates. Source: Company filings

Integrated Margin(*) of Refining and Marketing (Repsol vs the sector)

Range of peers

23

Leadership in integrated Refining and Marketing margin in Europe

$/bbl

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0 1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000 9.000 10.000 11.000 12.000 13.000 14.000 15.000 16.000

1Q 2Q 3Q 4Q

2012

Nota: Valores de FCC equ. considerando las unidades de IGCC. Sólo se han tenido en cuenta las Cías con más de 100 kbbls/d

FCC

equ

ival

ente

(%)

kbbls/d

Improved competitiveness of refining assets

Downstream Increased competitiveness of Downstream business

Oil pipelines CLH Oil pipeline Repsol

CARTAGENA

CORUÑA BILBAO

TARRAGONA

PUERTOLLANO

Increased competitiveness of refining assets

Top quartile position among European peers along the cycle

Divested non-core / low return assets (€1.4bn) (1)

Conversion Middle distillates production

1. Includes sale of 15% of CLH, non-integrated Downstream in LatAm (Chile, Brazil and Ecuador), PMMA Petrochemicals, Refap in Brazil and LPG France, some of them executed in Dec. 2007 2. Data source: WoodMackenzie

(MTm)

30

20

10

0

2012

20

2008

16

% FCC equivalent80

60

40

20

0

2012

63

2008

43

+25%+20pp

24

% FCC equivalent

(2)

0

0.5

1

1.5

2

2.5

3

3.5

2014 2015E

Downstream Maximizing returns from the business and capital discipline

(*) 2015E capex figure includes the investments in La Pampilla Refinery (Peru). This subsidiary is fully consolidated in the financial statements although Repsol stake is 51%. Downstream investments will be applied to maintenance and to our programs to reduce CO2 emissions, increasing profit through energy consumption reduction.

€bn/year €bn/year

(*)

In 2Q15 Results call, Repsol raised again its EBITDA CCS forecast (ex G&P) for 2015 up to 3.2 – 3.4 € bn

25

Gas & Power Access to premium markets in North America

Houston

Highly seasonal business

Regasification facility and midstream assets with access to premium markets in North East USA

Trading activity based in our Houston headquarters

Total capacity: 10 bcm/year Partners: Repsol (75%) Irving Oil (25%) Regasification capacity: 100% Repsol

Regasification plant

Canaport LNG

Trading

Maritimes Pipeline

Brunswick Pipeline

Prices referenced mainly to Algonquin

1 Bfcd traded in 2014

Acquisition of Talisman will significantly increase access to North American Equity Gas improving Repsol´s Trading business

position

26

Gas Natural Fenosa 6

Gas Natural Fenosa A liquid asset, with growth capabilities and a strong cash flow generator

Strong LatAm footprint, growth and strong cash generation

Leading Utility An European leading utility company with a strong footprint and growth in Latin America

Dividend Yield Strong cash stream for Repsol via Dividend

A Good option A financial investment with strong cash flow generation via dividends, not linked to oil price and providing financial optionality

Recent Developments

GNF reached an agreement to purchase CGE. With this acquisition GNF maintains its commitment of a 62% payout ratio in cash

28

Financial Position 7

Financial Position

30

Net Debt to Capital Employed Ratio

29.8%

Repsol remains fully committed with keeping the investment grade

Liquidity Position

€ 8.7 Bn

Resilient credit metrics under stress scenarios

Financial Position Credit Rating Agencies

Rating Agencies underline benefits from upstream portfolio diversification and Repsol´s flexibility to maintain target leverage

ratios after acquisition of Talisman Energy

Fitch affirms Repsol’s long-term rating at BBB while maintains outlook to “Stable” 8 May 2015

Standard & Poor's affirms rating at BBB- while revising outlook to “Stable” from “Positive”. 18 December 2014

Moody's affirms Repsol's long-term rating at Baa2 while changing outlook to “Negative” from “Stable”. 19 December 2014

Baa2 (Negative)

BBB (Stable)

BBB- (Stable)

31

“Repsol´s acquisition of Talisman strengthen business profile” 8 May 2015

Financial Position Shareholder remuneration

2015 maintaining our competitive shareholder remuneration at current levels with scrip option

€ 1.00 (2)

€ 0.96

(DY)+10.7%

(DY) Dividend Yield (1) : (Gross Dividends paid during year / price at the beginning of the year)

1. For the scrip dividend assumes the guaranteed fixed price offered for the free-of-charge allocation rights. 2. The Board of Directors agreed to distribute an extraordinary dividend of one euro per share from 2014 earnings, with payment day on June 6th, 2014.

32

€ 0.96 € 0.96

(DY)+6.3% (DY)+6.2%

Environmental, Social & Governance 8

Environmental, Social & Governance Corporate Responsibility Model: Our commitments

34

Commitment to safety

Excelence in environmental management

Promoting a low carbon strategy

Ethical conduct

Anti-corruption

Transparency

Respect for human rights

Zero Accidents Embedded safety culture Strict asset integrity procedures

Excellence in spill prevention and response

Optimized water&waste management

Biodiversity action plans

Achievement reduction of 3.0 million tons CO2 by 2013 .

Additional reduction of 1.9 million emissions by 2020

Promoting non- fossil fuel energy initiatives

Ethics and Conduct Regulation Anticorruption policy crime prevention model

Support of EITI since 2003. Adherence to Code of Best

Tax practices and to the register of EU lobbies.

Remuneration disclosure

Policy on respect for human rights based on the UN Guiding Principles on Business and Human Rights.

Environmental, Social & Governance Monitoring and control of the sustainability indexes

Repsol has led the Oil & Gas sector for two consecutive years, in the 2011 and 2012 editions of the prestigious Dow Jones Sustainability Indexes.

The company also leads the Oil & Gas sector on the European index (DJSI Europe).

Repsol is the leading oil and gas company in 2012 for carbon management, according to the Climate Disclosure Leadership Index (CDLI), comprising the top 50 international companies in communication

and transparency on climate change

Our Company has won recognition for its energy efficiency and carbon management for the third time in the last five years

Climate Disclosure Leadreship Index (CDLI)

35 (*) Since 2014 leaders are identified by geographical area and not globally as in previous years. According to 2014 score, Repsol is among the companies with the highest score in transparency of the Energy sector.

Annex 9

Annex

Note: Repsol Group made the decision in 2014, prompted by the business reality and in order to make its disclosures more comparable with those in the sector, to disclose as a measure of the result of each segment the recurring net operating profit at current cost of supply (CCS) after tax of continuing operations (“Adjusted Net Income”), which excludes both non-recurring net income and the inventory effect. For more information please refer to section “Basis of preparation of the financial information” of the 2nd Quarter 2015 earnings release.

REPSOL 2Q and 1H 2015 RESULTS (*)

37

(Unaudited figures)

Results (€ Million) Q2 2014 Q1 2015 Q2 2015% Change

Q2 15/Q2 14

January -

June 2014

January -

June 2015

% Change

2015/2014

Upstream 145 (190) (48) - 400 (238) -

Downstream 162 534 439 171.0 452 973 115.3

Gas Natural Fenosa 159 122 105 (34.0) 282 227 (19.5)

Corporate and others (76) 462 (184) 142.1 (212) 278 -

ADJUSTED NET INCOME 390 928 312 (20.0) 922 1,240 34.5

Inventory effect 5 (140) 83 - (54) (57) 5.6

Non-recurring income 156 (27) (103) - 191 (130) -

Income from discontinued operations (31) - - - 268 - -

NET INCOME 520 761 292 (43.8) 1,327 1,053 (20.6)

(*) In 2nd Quarter 2015 the Group, for the first time, consolidated the results of the recently acquired company Talisman Energy Inc. (“Talisman”), since the date of closing of the transaction, 8 May.

Annex

38


(Unaudited figures)

Economic data (€ Million) Q2 2014 Q1 2015 Q2 2015% Change

Q2 15/Q2 14

January -

June 2014

January -

June 2015

% Change

2015/2014

EBITDA 1,025 962 1,421 38.6 2,202 2,383 8.2

EBITDA CCS 1,018 1,174 1,297 27.4 2,283 2,471 8.2

NET CAPITAL EXPENDITURE 836 932 9,069 - 1,451 10,001 -

NET DEBT 2,392 126 13,264 - 2,392 13,264 -

EBITDA / NET DEBT (x) - - 0.43 - 1.84 0.40 (78.3)

Operational data Q2 2014 Q1 2015 Q2 2015% Change

Q2 15/Q2 14

January -

June 2014

January -

June 2015

% Change

2015/2014

LIQUIDS PRODUCTION (Thousand bbl/d) 122 132 203 67.0 126 168 33.1

GAS PRODUCTION (*) (Million scf/d) 1,216 1,249 1,811 48.8 1,201 1,531 27.5

TOTAL PRODUCTION (Thousand boe/d) 338 355 525 55.4 340 440 29.6

CRUDE OIL REALIZATION PRICE ($/Bbl) 87.8 44.6 55.7 (36.6) 86.9 51.1 (41.2)

GAS REALIZATION PRICE ($/Thousand scf) 4.0 2.8 3.2 (20.0) 4.1 3.1 (24.4)

DISTILLATION UTILIZATION Spanish Refining

(%)83.5 82.6 89.1 6.7 79.0 85.9 8.7

CONVERSION UTILIZATION Spanish Refining (%) 100.6 98.8 105.1 4.5 98.8 102.0 3.2

REFINING MARGIN INDICATOR IN SPAIN ($/Bbl) 3.1 8.7 9.1 193.5 3.5 8.9 154.3


Annex

39



Q2 14 Q1 15 Q2 15 2014 2015

UPSTREAM 216 (136) (46) 657 (182)

Europe, Africa & Brazil 69 - (14) 262 (14)South America 280 87 118 565 205

North America 109 (21) (9) 175 (30)Asia & Russia 8 4 51 17 55Exploration & Others (250) (206) (192) (362) (398)

DOWNSTREAM 205 751 622 631 1,373

Europe 219 678 641 397 1,319Rest of the World (14) 73 (19) 234 54

CORPORATE AND OTHERS (60) (28) (54) (130) (82)

TOTAL 361 587 522 1,158 1,109

€ Million

OPERATING INCOME

BY SEGMENT AND BUSINESS AREA

QUARTERLY DATA JANUARY - JUNE(Unaudited figures)

Annex

40



Q2 14 Q1 15 Q2 15 2014 2015

UPSTREAM 145 (190) (48) 400 (238)

Europe, Africa & Brazil 58 (69) 14 151 (55)

South America 177 27 60 365 87

North America 69 (13) (6) 111 (19)

Asia & Russia 7 4 25 14 29

Exploration & Others (166) (139) (141) (241) (280)

DOWNSTREAM 162 534 439 452 973

Europe 165 490 461 299 951

Rest of the World (3) 44 (22) 153 22

GAS NATURAL FENOSA 159 122 105 282 227

CORPORATE AND OTHERS (76) 462 (184) (212) 278

TOTAL 390 928 312 922 1,240

ADJUSTED NET INCOMEBY SEGMENT AND BUSINESS AREA

€ Million


Annex

41



Q2 14 Q1 15 Q2 15 2014 2015

UPSTREAM (1) 643 281 622 1,359 903

Europe, Africa & Brazil 103 59 107 335 166South America 378 174 274 750 448North America 193 98 190 364 288Asia & Russia 18 13 121 39 134Exploration & Others (49) (63) (70) (129) (133)

DOWNSTREAM (2) 442 724 931 948 1,655

Europe 436 653 914 678 1,567

Rest of the World 6 71 17 270 88

CORPORATE AND OTHERS (60) (43) (132) (105) (175)

TOTAL (2) 1,025 962 1,421 2,202 2,383

(1) Contribution of Talisman's assets was €233 mill ion in Q2 2015

DOWNSTREAM 435 936 807 1,029 1,743

TOTAL 1,018 1,174 1,297 2,283 2,471

EBITDA BY SEGMENT AND GEOGRAPHICAL AREA

(2) EBITDA CCS M€

€ Million


Investor Update September 2015

Tarragona Refinery Jetty

Documents

Investor update september · Outlook 2015 & Efficiency Measures 13 2015 FY EBITDA1 €5-5.5Bn Excluding the contribution of Talisman assets, the EBITDA will be similar to that of